Shift is in the air
April brought extreme price increases and bidding wars on the hottest properties and price ranges throughout the Seattle region. Some of those recorded sale prices are simply jaw-dropping. Those homes closest to core locations with neighborhood amenities and walkability are continuing to command the highest buyer interest. More sellers, seeing opportunity on the horizon, have begun to list their properties for sale. This flow of new inventory has given buyers new options and, as a result, buyers are passing on less desirable homes (requiring significant work, in a challenging location, or overpriced) in favor of those that offer more of what they want (turn-key, protected location/non-busy road, and well-priced).
This has been a shock to some sellers who had seen neighbors and friends sell difficult properties at ridiculous prices back when there was nothing on the market. To be sure, this happens every year as more homes come on the market for sale. The irony is those homes that are well-priced are receiving multiple offers and escalating above their listing price and those homes that are optimistically priced are sitting on the market unsold—most of which sell for less than their lower-priced competitors.
Our advice to sellers planning to come to market: Prepare your home to look its very best and then price it competitively. Remember that the price increases of 2016 have already occurred and the remainder of the year will likely be fairly stable if recent past years are a guide. Form our data, sellers who do these two things come out far ahead of those who do not.
The new inventory of homes for sale will continue to create much-needed balance in the market—making the Seattle area real estate market more sustainable—which is a good thing.
View the full April 2016 Report by neighborhood
East Lk Sammamish
© Copyright 2016, Windermere Real Estate/Mercer Island. Statistics provided by NWMLS.